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Mar092012

Washington, D.C. – U.S. Senator Bob Casey (D-PA), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement after today’s announcement from the U.S. Department of Commerce that the U.S. trade deficit for goods and services increased by $2.2 billion to $52.6 billion in January 2012:

“For far too long, China has been allowed to disadvantage U.S. manufacturers though unfair trade practices. We need measures that will help crack down on China to level the playing field for our workers. That is why I was an original cosponsor of bipartisan legislation to prevent the repeal of trade remedies that help Pennsylvania companies compete against unfair imports from countries like China that passed both the House and Senate this week by wide margins. This is a bipartisan solution that will help more protect more American jobs and keep them here at home.

“Congress should also pass legislation, such as the Currency Exchange Rate Oversight Reform Act of 2011 that will crack down on currency manipulation. Currency manipulation costs millions of U.S. jobs, continues to interfere with the economic recovery, and takes a significant toll on manufacturers and workers across the United States.

“We must continue to make sure American workers and manufacturers have the protection and stability they need in order to remain internationally competitive and contribute toward our economic recovery.”

Today, the U.S. Census Bureau reported that the U.S. trade deficit widened to $52.6 billion in January, up from $50.4 billion in December. Exports of goods and services increased by $2.6 billion to $180.8 billion in January while imports rose even more, by $4.7 billion to $233.4 billion. Over half of the January increase in the U.S. trade deficit reflected a rise in petroleum imports. The trade deficit with China, which reflects bilateral trade in goods on a not seasonally adjusted basis, was up $2.9 billion from December but remains below the level seen in previous months.